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Financial Performance of Indian Automobile Companies

Article · January 2018

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M. Basuvaraj Dr M.Jegadeeshwaran
Christ University, Bangalore Bharathiar University
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 World Wide Journal of Multidiscip linary Research and Development

WWJMRD 2018; 4(1): 5-10

www.wwjmrd.com
International Journal
Peer Reviewed Journal Financial Performance of Indian Automobile
Refereed Journal
Indexed Journal Companies
UGC Approved Journal
Impact Factor MJIF: 4.25
e-ISSN: 2454-6615 M. Jegadeeshwaran, M. Basuvaraj
M. Jegadeeshwaran Abstract
Assistant Professor,
A well-developed transport system plays a pivotal role in the development on economy. India is no
School of Commerce
Bharathiar University,
exception to the unprecedented growth of the transportation system. The automotive industry of India
Coimbatore, India is also growing at repaid speed occupying the prominent place on the ‘canvases of Indian economy.
The objectives of the present study are analyse the profitability and solvency position of the select
M. Basuvaraj automobile companies in India by using ratio analysis, descriptive statistics, and regression. The
Ph.D Research Scholar, major finding of the study indicates that Short-term solvency position is not satisfactory during the
School of Commerce, study periods. Hence the companies should increase their current assets. Debt equity ratio and current
Bharathiar University, assets to shareholders fund ratio show the fluctuating trend, therefore the companies should pay more
Coimbatore, India attention to improve its debt, equity and share holders’ wealth position. The companies may
concentrate on their cost of production, investment in fixed assets and their sales turnover to improve
their profitability.

Keywords: Indian Automobile Companies, Descriptive Statistics, Ratio Analysis, Multiple Regression,
Probability, Short term Solvency, Long term Solvency

Introduction
The Indian automobile industry is solitary of the prime in the globe. The business financial
records for 7.1 per cent of the nation’s Gross Domestic Product. The Two wheelers division
with 80 per cent market place contributes to be the person in charge of the Indian
Automobile market outstanding to an increasing middle class and a young populace.
Furthermore, the upward interest of the companies in exploring the rural markets further
aided the growth of the sector. The overall Passenger Vehicle segments 14 per cent market
share. India is also a prominent auto exporter and has strong export growth expectations for
the near future.
A well-developed transport system plays a pivotal role in the development on economy.
India is no exception to the unprecedented growth of the transportation system. The
automotive industry of India is also growing at repaid speed occupying the prominent place
on the ‘canvases of Indian economy. The Indian automobile industry ranked first in the
world production of three wheelers, second in production of two wheelers, fourth in the
production of commercial vehicles and ninth in production of passenger vehicles. The
present study primarily focused on Indian automobile industry in general and some selected
automobile manufacturing companies in particular.

Statement of the Problem

The development of industries depends on several factors such as financial, personnel,
technology, quality of the product and marketing. Out of these, financial and operating
aspects assume a significant role in determining the growth of industries. All of the
company’s operations virtually affect its need for cash. Most of the data covering operational
Correspondence:
areas are however outside the direct responsibility of the financial executive. Unless the top
M. Jegadeeshwaran
Assistant Professor, management appreciates the value of a good financial and operating analysis, there will be
School of Commerce continuing problem for the financial executives to find the profitability position, solvency
Bharathiar University, position of the concern. The firms whose present operations are inherently difficult
Coimbatore, India
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World Wide Journal of Multidisciplinary Research and Development

should try to make their financial analysis to enable their Tools Used for Analysis
management to stay on top of its working position. Hence, The data analysis was done using statistical tools like
the researcher wants to know the answers for the following Descriptive statistics, Ratio Analysis and Multiple
research questions. Regression
 What is the profitability position of select Automobile
companies in India? Sample Size:
 Whether the solvency position of select Automobile Ten automobile companies which are chosen from as
companies in India stable or not? sample size for the study based on market capitalization.
The select sample companies namely Tata Motors (TM),
Objectives of the Study Maruti Suzuki India (MS), Hero MotoCorp (HM),
The objectives are Mahindra & Mahindra(M&M), Bajaj Auto (BA), Ashok
 To analyze the profitability position of the selected Leyland(AL), TVS Motor Company (TVS), Atul Auto
automobile companies in India (AA), Force Motors(FM) and Sundaram Clayton (SC).
 To examine the solvency position of selected
automobile companies in India Scope of the Study
 To offer suitable suggestions for selected automobile The study was conducted in Automobile Industries India.
companies in India The study mainly focuses on the profitability and solvency
analysis of Automobile Industries India
Research Methodology
Sources of Data Limitations of the Study
The data collected for the study is secondary one. The The sources of data have taken from the balance sheet and
required data for the study were collected from Company profit and loss account, which may be subjected to window
annual report, journals, magazines and Company websites. dressing, so the results may not be accurate.

Period of Study Profitability Analysis

The study covers a period of ten years from 2005-2006 to
2014-2015.

Table 1: Gross Profit ratio of Selected Automobile Companies in India (Ratio)

Company TM MS HM M&M BA AL TVS AA FM SC

Year
2006 22.36 21.07 24.61 26.38 29.22 19.79 22.88 11.78 12.92 33.54
2007 21.30 22.31 21.85 27.43 27.10 18.63 19.51 12.76 14.28 31.49
2008 20.15 17.67 22.60 27.00 20.76 18.73 18.60 14.90 9.11 20.10
2009 18.78 16.89 23.13 20.26 19.34 16.73 17.90 10.20 42.56 22.97
2010 23.59 19.51 26.52 26.71 26.72 19.92 20.53 17.09 16.83 26.15
2011 20.74 21.24 24.07 25.72 30.65 17.52 20.14 15.54 15.77 25.31
2012 19.08 20.07 28.11 21.63 24.96 17.55 19.26 14.62 59.27 29.57
2013 20.26 23.15 24.17 20.82 26.23 19.83 19.17 16.74 11.87 26.72
2014 21.79 25.28 25.03 22.91 28.55 18.12 21.56 16.59 15.64 28.12
2015 17.52 26.47 24.40 24.28 25.67 18.39 20.77 18.84 16.83 27.04
MEAN 20.56 21.37 24.45 24.31 25.92 18.52 20.03 14.91 21.51 27.10
SD 1.81 3.06 1.83 2.72 3.55 1.09 1.47 2.65 16.17 3.92
CV 8.80 14.31 7.49 11.19 13.70 5.89 7.34 17.77 75.17 14.47
CAGR -0.024 0.023 -0.001 -0.008 -0.013 -0.007 -0.010 0.048 0.027 -0.021
Source: Complied and Computed from Money Control

The table 1 shows the Sundaram Cylton had the highest consistent of Ashock Leyland. The compound annual
Gross Profit ratio with mean value of 27.10 followed by growth rate of gross profit ratio was highest in the company
Bajaj Auto with 25.92. Autal auto recorded the lowest of Autal Auto by 0.048 followed by Force motors by 0.027
gross profit ratio of 14.91. Gross profit ratio found to be and Hero motors shows the lowest annual growth rate.

Table 2: Net Profit Ratio of Selected Automobile Companies in India (Ratio)

Company TM MS HM M&M BA AL TVS AA FM SC
Year
2006 7.61 9.75 11.14 10.53 14.55 6.11 3.62 3.23 3.23 11.36
2007 7.18 10.55 8.66 10.77 13.14 6.00 1.73 2.55 -3.82 10.83
2008 7.05 9.58 9.36 9.76 8.56 5.89 0.99 1.56 -8.99 5.31
2009 3.90 5.88 10.40 6.40 7.55 3.08 0.85 0.39 16.08 1.22
2010 6.33 8.52 14.09 11.28 14.41 5.70 2.02 3.79 6.11 2.57
2011 3.85 6.25 9.95 11.35 20.37 5.65 3.09 4.67 3.75 4.62
2012 2.29 4.59 10.09 9.04 15.38 4.41 3.50 5.22 39.54 7.11
2013 0.67 5.49 8.91 8.29 15.22 3.47 1.64 7.12 0.72 3.48
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2014 0.98 6.37 8.34 9.28 16.10 0.30 3.28 6.93 3.84 4.48
2015 -13.06 7.43 8.65 8.53 13.02 2.47 3.44 8.23 4.29 5.29
MEAN 2.68 7.44 9.96 9.52 13.83 4.31 2.42 4.37 6.47 5.63
SD 6.10 2.05 1.70 1.55 3.67 1.94 1.09 2.55 13.31 3.30
CV 227.49 27.49 17.11 16.27 26.56 45.14 44.96 58.35 205.50 58.63
CAGR -0.05 -0.03 -0.025 -0.021 -0.01 -0.087 -0.005 0.098 0.029 -0.074
Source: Complied and Computed from Money Control

The table 2 reveals the Bajaj Auto had the highest net profit rate of net profit ratio was highest in the company of Autal
ratio with mean value of 13.83 followed by Hero Auto by 0.098 per cent followed by Force motors by 0.029.
Motercorp with 9.96. TVS motors recorded the lowest net TVS Motors Company shows the lowest annual growth
profit ratio of 2.42. Net profit ratio found to be consistent rate.
of Mahindra & Mahindra. The compound annual growth

Table 3: Operating Profit Ratio of Selected Automobile Companies in India (Ratio)

Company TM MS HM M&M BA AL TVS AA FM SC
Year
2006 10.68 15.56 15.85 10.71 16.90 10.08 6.40 6.17 -4.49 17.74
2007 9.70 15.24 12.13 11.45 14.12 9.32 3.63 5.89 -5.64 18.16
2008 10.53 14.55 13.22 10.24 12.29 10.09 1.41 7.78 -5.04 14.02
2009 6.71 9.54 14.22 9.82 12.60 7.67 3.30 2.22 -9.71 9.44
2010 11.40 13.05 17.32 16.29 21.33 10.24 4.80 10.98 3.84 10.11
2011 9.91 9.94 13.34 14.72 19.34 10.86 6.23 9.62 9.23 10.62
2012 7.69 6.05 14.95 11.84 19.05 9.78 6.59 9.22 5.83 10.53
2013 3.82 9.70 13.98 11.64 18.18 7.02 5.79 11.02 2.73 8.81
2014 -2.66 11.66 14.01 11.65 20.38 1.68 6.00 10.55 4.78 9.03
2015 -3.41 13.43 12.84 10.72 19.05 7.57 5.98 11.75 6.22 9.14
MEAN 6.44 11.87 14.19 11.91 17.32 8.43 5.01 8.52 0.77 11.76
SD 5.48 3.05 1.52 2.04 3.24 2.71 1.71 3.00 6.40 3.59
CV 85.09 25.70 10.71 17.13 18.71 32.14 34.13 35.21 831.17 30.52
CAGR -0.11 -0.01 -0.02 0.04 0.01 -0.03 -0.01 0.07 -0.03 -0.06

Source: Complied and Computed from Money Control

The table 3 exhibits the Bajaj Auto had the highest operating profit ratio was highest in the company of Autal Auto by 0.07,
profit ratio with mean value of 17.32 followed by Hero Motercorp followed by Mahindra &Mahindra by 0.04 and TVS motors
with 14.19. Force motors recorded the lowest operating profit shows the lowest annual growth rate. Operating profit ratio found
ratio of 0.77. The compound annual growth rate of operating to be consistent of Hero Motorcorp.

Short Term Solvency

Table 4: Current Ratio of Selected Automobile Companies in Indi (In Times)

Year/Company TM MS HM M&M BA AL TVS AA FM SC
2006 0.46 0.93 0.34 1.04 0.33 1.12 0.61 1.16 1.05 1.44
2007 0.55 0.69 0.55 0.93 0.59 0.90 0.68 2.13 0.97 1.95
2008 0.43 0.74 0.51 0.95 0.54 0.75 0.68 2.03 0.99 2.39
2009 0.40 0.63 0.41 0.78 0.53 1.08 0.70 1.56 0.98 2.95
2010 0.35 0.67 0.61 0.76 0.79 0.95 0.66 1.37 1.10 2.44
2011 0.55 1.23 0.14 0.68 0.20 0.94 0.71 1.04 1.12 1.47
2012 0.45 0.97 0.29 0.82 0.36 0.73 0.72 1.43 2.47 1.41
2013 0.41 0.69 0.51 0.84 0.61 0.70 0.67 1.91 1.55 1.88
2014 0.40 0.54 0.59 0.95 0.62 0.58 0.62 1.94 1.52 1.48
2015 0.56 0.46 0.74 0.78 0.95 0.65 0.70 2.02 1.37 1.65
MEAN 0.46 0.76 0.47 0.85 0.55 0.84 0.68 1.66 1.31 1.91
SD 0.07 0.23 0.18 0.11 0.22 0.18 0.04 0.40 0.46 0.53
CV 15.21 30.26 38.30 12.94 40.00 21.43 5.88 24.10 35.11 27.75
CAGR 0.02 -0.07 0.08 -0.03 0.11 -0.05 0.01 0.06 0.03 0.01

Source: Complied and Computed from Money Control

Table 4 shows the sundaram cylton had the highest current 1.66.Tata motors recorded the lowest current ratio. The
ratio with mean value of 1.91 followed by Autal Auto with compound annual growth rate of current ratio was highest
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in the company of Bajaj Auto by 0.11 followed by Hero annual growth rate. Current ratio found to be consistent in
Motors by 0.08 and Maruthi suzuki shows the lowest TVS motor company.

Table 5: Liquid Ratio of Selected Automobile Companies in India (In Times)

Company TM MS HM M&M BA AL TVS AA FM SC
Year
2006 0.16 0.41 0.15 0.52 0.27 0.44 0.10 0.58 0.38 0.89
2007 0.19 0.38 0.32 0.52 0.35 0.33 0.16 0.61 0.39 1.15
2008 0.19 0.36 0.29 0.52 0.28 0.19 0.13 0.35 0.37 1.03
2009 0.20 0.36 0.22 0.50 0.36 0.47 0.29 0.35 0.41 1.23
2010 0.18 0.29 0.50 0.45 0.17 0.40 0.31 0.33 0.52 0.94
2011 0.31 0.86 0.04 0.36 0.24 0.35 0.24 0.31 0.40 0.62
2012 0.22 0.63 0.10 0.47 0.75 0.26 0.21 0.38 1.56 0.65
2013 0.14 0.38 0.29 0.52 0.48 0.30 0.26 1.27 0.72 0.84
2014 0.11 0.29 0.36 0.63 0.42 0.30 0.27 1.38 0.73 0.74
2015 0.17 0.14 0.49 0.51 0.47 0.38 0.27 1.41 0.70 0.79
MEAN 0.19 0.41 0.28 0.50 0.38 0.34 0.22 0.70 0.62 0.89
SD 0.05 0.20 0.15 0.07 0.17 0.09 0.07 0.46 0.36 0.20
CV 26.32 48.78 53.57 14.00 44.74 26.47 31.82 65.71 58.06 22.47
CAGR 0.007 -0.106 0.123 -0.002 0.057 -0.015 0.107 0.092 0.064 -0.013
Source: Complied and Computed from Money Control

Table 5 deals the sundaram cylton had the highest Liquid followed by TVs’ by 0.107 and Mahindra & Mahindra
ratio with mean value of 0.89 followed by Autal Auto with shows the lowest annual growth rate. Liquid ratio found to
0.70.Tata motors recorded the lowest liquid ratio of 0.19. be consistent of Mahindra & Mahindra during the study
The compound annual growth rate of Liquid ratio was period.
highest in the company of Hero Motorcorp by 0.123

Table 6: Absolute Liquid Ratio of Selected Automobile Companies in India (In Times)
COMPANY TM MS HM M&M BA AL TVS AA FM SC
YEAR
2006 0.05 0.03 0.02 0.15 0.06 0.12 0.01 0.09 0.04 0.03
2007 0.08 0.05 0.03 0.19 0.04 0.05 0.02 0.01 0.05 0.07
2008 0.07 0.12 0.09 0.12 0.05 0.02 0.00 0.01 0.04 0.04
2009 0.06 0.07 0.13 0.18 0.10 0.04 0.05 0.11 0.05 0.03
2010 0.04 0.03 0.47 0.12 0.05 0.06 0.05 0.08 0.07 0.02
2011 0.15 0.65 0.01 0.12 0.09 0.05 0.01 0.11 0.03 0.01
2012 0.09 0.46 0.02 0.18 0.60 0.01 0.01 0.17 1.16 0.03
2013 0.03 0.13 0.06 0.23 0.20 0.00 0.01 1.07 0.49 0.01
2014 0.02 0.09 0.04 0.34 0.16 0.00 0.05 1.07 0.45 0.02
2015 0.08 0.01 0.05 0.23 0.21 0.14 0.01 0.65 0.52 0.01
MEAN 0.07 0.16 0.09 0.19 0.15 0.05 0.02 0.34 0.29 0.03
SD 0.04 0.21 0.14 0.07 0.17 0.05 0.02 0.43 0.37 0.02
CV 57.14 131.25 155.56 36.84 113.33 100.00 100.00 126.47 127.58 66.67
CAGR 0.05 -0.23 0.10 0.04 0.14 0.01 -0.14 0.22 0.28 -0.12
Source: Complied and Computed from Money Control

Table 6 revels the Autal Auto had the highest absolute shows the lowest annual growth rate. Absolute liquid ratio
liquid ratio with mean value of 0.34 followed by Force found to be consistent in Mahindra & Mahindra during the
Motors with 0.29.Sundaram cylton recorded the lowest study period.
absolute liquid ratio of 0.03. The compound annual growth
rate of Absolute liquid ratio was highest in of force motors Long Term Solvency
by 0.28 followed Autal Auto by 0.22 and Maruthi suzuki

Table 7: Debt Equity Ratio of Selected Automobile Companies in India (Ratio)

Company TM MS HM M&M BA AL TVS AA FM SC
Year
2006 0.53 0.01 0.09 0.31 0.31 0.50 0.50 0.67 1.00 0.50
2007 0.59 0.09 0.07 0.46 0.29 0.34 0.78 1.07 1.34 0.63
2008 0.80 0.11 0.04 0.60 0.84 0.42 0.81 1.27 3.55 1.12
2009 1.06 0.07 0.02 0.77 0.84 0.93 1.11 1.04 0.71 1.42
2010 1.12 0.07 0.02 0.37 0.46 0.98 1.16 0.69 0.52 1.18
2011 0.73 0.01 0.50 0.23 0.06 0.88 0.63 0.07 0.67 1.17
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2012 0.56 0.07 0.24 0.27 0.02 0.83 0.61 0.07 0.05 1.16
2013 0.75 0.07 0.06 0.22 0.01 1.11 0.45 0.02 0.04 1.33
2014 0.76 0.08 0.02 0.22 0.01 1.19 0.34 0.02 0.02 0.87
2015 1.35 0.01 0.01 0.14 0.01 0.63 0.56 0.02 0.01 0.87
MEAN 0.83 0.06 0.10 0.36 0.28 0.78 0.70 0.49 0.79 1.02
SD 0.27 0.04 0.15 0.20 0.33 0.29 0.27 0.51 1.07 0.30
CV 32.53 66.67 150.00 55.56 117.85 37.18 38.57 104.08 135.44 29.41
CAGR 0.10 -0.05 -1.00 -0.08 -0.29 0.02 0.01 -1.00 -0.38 0.06
Source: Complied and Computed from Money Control

Table 7 exhibits debt equity ratio of select automobile debt equity ratio was highest in the Tata motors by 0.10
companies in India. The Sundaram cylton had the highest followed by Sundaram cylton by 0.06 and Force motors
debt equity ratio with mean value of 1.02 followed by Tata shows the lowest annual growth rate. Debt equity ratio
Motors with 0.83. Maruthi suzuki recorded the lowest debt found to be consistent of Sundaram Cylton.
equity ratio of 0.06. The compound annual growth rate of

Table 8: Current Asset to Shareholder Funds of Selected Automobile Companies in India

Ratio)

Company TM MS HM M&M BA AL TVS AA FM SC

Year
2006 0.55 0.29 0.20 0.61 0.14 1.08 0.56 0.86 1.49 0.66
2007 0.56 0.23 0.26 0.56 0.16 0.90 0.65 1.11 1.83 0.73
2008 0.55 0.24 0.25 0.55 0.43 0.77 0.60 0.88 3.72 0.86
2009 0.36 0.22 0.18 0.52 0.45 1.13 0.67 0.75 1.49 0.90
2010 0.40 0.18 0.66 0.37 0.28 1.23 0.64 0.73 1.30 0.79
2011 0.45 0.34 0.25 0.35 0.23 1.34 0.81 0.68 1.46 1.11
2012 0.47 0.34 0.24 0.46 0.46 1.21 0.71 0.73 0.86 1.26
2013 0.35 0.22 0.30 0.44 0.25 1.05 0.68 0.92 0.62 1.24
2014 0.28 0.18 0.30 0.49 0.20 0.76 0.68 0.86 0.59 1.10
2015 0.46 0.16 0.36 0.37 0.20 0.83 0.81 0.71 0.61 1.02
MEAN 0.44 0.24 0.30 0.47 0.28 1.03 0.68 0.82 1.40 0.97
SD 0.10 0.06 0.14 0.09 0.12 0.21 0.08 0.13 0.93 0.21
CV 22.72 25 46.67 19.15 42.86 20.39 11.76 15.86 66.43 21.65
CAGR -0.02 -0.06 0.06 -0.05 0.04 -0.03 0.04 -0.02 -0.09 0.04
Source: Complied and Computed from Money Control

Table 8 shows current assets to shareholder’s funds of rate of current assets to Share holders’ funds was highest in
select automobile companies in india. The Force motors the hero motors by 0.06 followed by Bajaj Auto & TVS by
has the highest current assets to shareholders funds with 0.04 and Force motors shows the lowest annual growth
mean value of 1.40 followed by Autal Auto with rate. Current assets to shareholder’s funds found to be
1.03.Maruthi Suzuki recorded the lowest current assets to consistent of TVS motor company during the study period.
share holders funds of 0.24. The compound annual growth

Table 9: Regression analysis of Indian automobile companies

Company Name Model R R Adjusted R Std. Change Statistics
Square Square Error R Square F df1 df2 Sig. F
Change Change Change
Tata Moters 1 .934a .872 .712 3.27 .872 5.450 5 4 .063
Maruti Suzuki 1 .795a .632 .171 1.86 .632 1.372 5 4 .391
Hero MotoCorp 1 .961a .923 .828 .71 .923 9.651 5 4 .024*
Mahindra & 1 .927a .859 .683 .87 .859 4.877 5 4 .075
Mahindra
Bajaj Auto 1 .994a .988 .972 .61 .988 63.640 5 4 .001*
Ashok Leyland 1 .952a .906 .789 .89 .906 7.731 5 4 .035*
TVS Motor 1 .761a .579 .052 1.06 .579 1.100 5 4 .477
Atul Auto 1 .977a .954 .897 .82 .954 16.653 5 4 .009*
Force Motors 1 .946a .895 .763 6.48 .895 6.784 5 4 .044*
Sundaram Clayton 1 .976a .953 .895 1.07 .953 16.317 5 4 .009*
*Indicates 5 Percent Significant Level
a. Predictors: (Constant), CAtoSF, CR, ALR, LR, DER
b. Dependent variable: Net Profit

Table 9 exhibits the statistics significant model of the select Indian automobile companies. Hero MotoCorp, Bajaj Auto,
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Ashok Leyland, Atul Auto, Force Motors and Sundaram

Clayton show the 5 per cent significant level which states
that all the independent variable such as short term
solvency and long term solvency ratios which have more
than 90 percent influence on the net profit. Tata Moters,
Maruti Suzuki, Mahindra & Mahindra and TVS motors not
significant at 5 per cent level.

Suggestions
 The short term solvency ratio of select automobile
companies shows the low down of their principles,
so the companies should increase their current
assets to meat short term obligations.
 Debt equity ratio shows the fluctuating trend, so
the companies should pay more attention to
improve its debt for long term obligations.
 The companies may concentrate on their cost of
production, investment in fixed assets and their
sales turnover to improve their profitability.
 The companies should utilize an innovative
technology and it may increase the product range.
It will increase the export sales. The result will be
increasing the foreign exchange earnings.

Conclusion
The present study is attempted to know the Financial
Performance of Indian Automobile Companies of select
automobile companies in India during the study period. The
present study concluded that the Short-term solvency
position is unsatisfactory. During the study period the
companies may concentrate on their cost of production,
investment in fixed assets and their sales turnover to
improve their profitability. The management should further
try to control the over the expenses and disbursement cost
in order to increase the profit.

References
Journals
 Dr..A.Palaniappan,P.Velusamy (2009),”Capital
structure liquidity and profitability of chemical
industry in India”., Indian Journal of Management
 R. Amsaveni(2009), “ Impact of Leverage on
Profitability of Primary Aluminium Industry in India”,
Indian Journal of Finance.
 Cosh, A. & Hughes A.(1993), “Size, financial structure
and profitability: U.K. companies in the 1980‟s”,
Working Paper, Small Business Research Center,
University of Cambridge..
 Venkatesan T., Dr Nagarajan S.K.(2012), “An
empirical study of profitability analysis of selected
steel companies in india”, International Journal of
Marketing, Financial Services & Management
Research.

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